Attention lenders: The CFPB is now focusing more on fair lending in mortgages

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First, CFPB has identified residential mortgage lending, all lenders and all products, as a primary area of focus. That is not surprising given the subprime mortgage crisis of only a few years ago, the underwriting deficiencies that were allowed to take place, the resulting foreclosure rate for residential mortgages, and the severe impact all.

In her prepared remarks, Ms. Ficklin discussed the CFPB’s enforcement priorities and areas of interest. Much of what she said tracked information previously released by the CFPB, but the following items caught my attention: First, she said that the CFPB was starting its first fair-lending-focused exams of business lenders.

Attention lenders: The CFPB is now focusing more on fair lending in mortgages A look at where the CFPB will increase its fair lending oversight this year April 21, 2017 The CFPB deemed this to be misleading to a consumer as it provides the impression that the lender is in some way affiliated with the government.

Fair lending monitoring: Where to focus statistical analysis. Mac’s Loan Prospector in the case of first mortgages). Automobile lending may be fully automated for some lenders, but typically has both an automated and a manual component–even if only applied to.

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Based on the risks identified, the CFPB’s market-level focus for the past five years has been on ensuring that credit-worthy consumers are not excluded from or made to pay more for mortgages, indirect auto loans and credit cards "because of their race or ethnicity or any other prohibited basis," Cordray wrote in the bureau’s 2016.

Now it is being sued. to create a next generation lending platform that further streamlines the mortgage process by enhancing workflow, allowing loan officers to spend less time working on.

The CFPB will be focusing on servicing for mortgages and student loans. One of the regulatory enforcement priorities has been to intensify the scrutiny of fair lending laws. Regulatory agencies are showing no sign of slowing down examinations of fair lending practices, and, as they continue, enforcement actions will hold lenders accountable for.

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